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Mon 12 Oct 2009 09:46

Chemoil Q3 net loss on the cards - sources


Leading supplier is reported to be expecting a net loss in the third quarter of 2009.

Leading marine fuel supplier Chemoil Ltd is reportedly expecting to post a net loss in the third quarter, according to Reuters

The news agency reported that Chemoil said on Friday that unusually weak fuel oil margins in a number of market segments had had a negative effect on the company's business operations between July and September. Hedging was also said to have been "less effective" than in previous quarters.

In June Chief Executive Officer Clyde Michael Bandy confirmed that Chemoil's majority shareholders were in discussions with various parties regarding the possible sale of some or all of its shares in the company.

Chemoil recorded a 283 percent year-on-year increase in profit after tax during the first quarter of 2009. However, second quarter profit dropped by 44 percent in the second quarter to US$12.2 million on the back of lower revenues. Group revenue fell 49 per cent to US$1.3 billion.

Chemoil is scheduled to disclose its financial results for the third quarter in November.

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